Patricia, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,700 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Patricia, Alberta, the real estate market is showing a steady increase in property values with the median house price currently at $485,000, which reflects a year-over-year growth of 2.8%. This suggests a healthy demand for single-family homes and a resilient market. Similarly, the median apartment price stands at $295,000, with an annual growth rate of 2.5%. These figures indicate consistent growth across different types of residential properties.
Investment Opportunities and Potential
For investors considering the Patricia real estate market, there are several encouraging signs. The ongoing increase in property prices demonstrates potential for capital gains over time. Furthermore, the population of Patricia has been growing at a rate of 2.04%, which is likely to drive housing demand higher. This increasing population could also lead to a rise in rental demand, suggesting that investment in rental properties could yield favorable returns through both rental income and property value appreciation.
Future Market Outlook
The future outlook for the Patricia real estate market appears optimistic. Given the steady population growth and consistent upward trend in property values, it is reasonable to anticipate that this market will maintain its upward trajectory in the near term. Investors and homebuyers can expect continued resilience in this market. However, as with any investment, it is crucial to stay informed about local economic developments that may impact the real estate landscape.
